The Michigan Department of Insurance and Financial Services (DIFS) has ordered a Farmington man to stop selling fraudulent automobile insurance certificates through his company, SBS Agency.
DIFS issued cease and desist order to Terrell Lee Smith also known as “Sam.” Smith is not licensed to solicit, sell or negotiate insurance in Michigan, regulators say.
Smith’s resident insurance producer license, and the license for his agency, Excalibur Insurance Agency, were revoked by DIFS on May 21, 2013, after DIFS received complaints that Smith was misappropriating clients’ premium payments for personal use and was issuing fake insurance certificates.
After having his producer license and agency license revoked by DIFS, DIFS began receiving complaints from various consumers that an individual by the name of “Sam” sold them a fraudulent insurance certificate.
After receiving several complaints, DIFS Investigators discovered Smith was again misappropriating client’s insurance payments and issuing fake insurance certificates.
Source: Michigan DIFS
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